WAYNE, N.J. — Regional operator Sportime Pickleball will open a 50,000-square-foot facility in the Northern New Jersey community of Wayne. The facility at 77 Willowbrook Blvd. will feature 18 courts. Neil Seth, Jennifer Konefsky, Kenji Ota and Kathryn Cruz of Cushman & Wakefield represented Sportime Pickleball in the lease negotiations. Curtis Nassau and Patrick Brake of RIPCO Real Estate represented the landlord, Kimco Realty. The opening is slated for the first quarter of 2025.
KING OF PRUSSIA, PA. — Simon Property Group has welcomed seven new retailers to King of Prussia mall in metro Philadelphia. Four new retailers — fashion chains Mango and Abercrombie Kids and jewelry concepts Grand Jewelers and Little Words Project — opened stores over the past three months. Women’s clothing retailer Evereve also just debuted its store. Two other lifestyle retailers — accessories provider Rothy’s and activewear brand Vuori — will open in the coming days.
COLLEGEVILLE, PA. — A partnership between David Werner Real Estate Investments (DWREI) and GreenBarn Investment Group has begun the redevelopment of The Bridge at Collegeville, a 14-building, 1.8 million-square-foot office campus located about 20 miles northwest of Philadelphia. The development team, which includes architect EwingCole and leasing agent Cushman & Wakefield, plans to renovate the existing office space on the 340-acre campus and to add another 1.4 million square feet of office, life sciences and manufacturing space. The redevelopment will also add amenities such as a fitness center, golf simulator, pickleball courts and a food truck plaza. The partnership purchased the property in August 2023 from Pfizer, which remains a tenant. In addition, chemical manufacturer Dow recently signed a long-term lease extension at the campus. A timeline for completion was not disclosed.
HAZLETON, PA. — Kansas City-based NorthPoint Development will build a 1 million-square-foot industrial project in Hazleton, located roughly midway between Allentown and Scranton in Luzerne County. The building will feature a clear height of 40 feet, 100 docks, four drive-in doors and parking for 839 cars and 360 trailers. The design team includes studioNorth Architecture and designBLD. Peak Construction Corp. is the general contractor. Completion is slated for the first quarter of 2025.
JERSEY CITY, N.J. — JLL has negotiated the $54 million sale of a 1.7-acre multifamily development site located at 107 Morgan St. in Jersey City. The site is approved for the development of 650 apartments and ground-floor retail space. Jose Cruz, Ryan Robertson, Michael Oliver, Steve Simonelli and Elizabeth DeVesty of JLL represented the seller, Veris Residential, in the transaction. The team also procured the buyer, locally based developer LCOR. A timeline for completion was not disclosed.
ALBANY, N.Y. — An affiliate of New Jersey-based Heidenberg Properties has acquired At Colonie Center, a 243,395-square-foot retail center in Albany for $28 million. Whole Foods Market anchors the property, which was 58 percent leased at the time of sale. Other tenants include Floor & Decor and Sierra Trading Post. Justin Smith, Chris Peterson, Sam Koonce and Danielle Donovan of Atlantic Capital Partners represented the undisclosed seller in the transaction and procured Heidenberg Properties as the buyer. Scott Aiese and Stephen Van Leer of JLL arranged a $17.6 million acquisition loan through Provident Bank on behalf of Heidenberg.
NEWINGTON, CONN. — Marcus & Millichap has brokered the $16.7 million sale of Newington Commons, a 189,864-square-foot shopping center located just south of Hartford. Anchored by grocer Stop & Shop, the center was 65 percent leased at the time of sale. Other tenants include Petco and Planet Fitness. Joseph French Jr. and Kodi Traver of Marcus & Millichap, in conjunction with Pierre Bonan of Mission Capital, represented the seller, Trident Pacific Real Estate Group, in the transaction. The team also procured the undisclosed buyer.
NEW YORK CITY — Walker & Dunlop has arranged a $155 million loan for the refinancing of The Lexington Hotel in Midtown Manhattan, which is part of the Marriott Autograph Collection family of brands. Hudson Bay Capital provided the loan. Jordan Casella, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Christopher de Raet of Walker & Dunlop originated the loan on behalf of the borrower, a joint venture between MCR Hotels, Island Capital Group and Three Wall Capital. The joint venture first acquired the property in 2021. The 28-story building was originally constructed in 1929 and houses 725 rooms, including six specialty suites. One of those suites is known as the Norma Jeane Suite and once served as the residence of Marilyn Monroe and her then-husband, New York Yankees legend Joe DiMaggio. (Marilyn Monroe was born Norma Jeane Mortenson.) The hotel’s amenities include 3,000 square feet of meeting and event space and an onsite restaurant and bar. The property also houses retail space that is leased to Crunch Fitness and Starbucks. “This transaction not only underscores the resilience of the New York City hospitality market but also reaffirms the enduring appeal of this city as a major tourist and …
NORTH BRUNSWICK, N.J. — Mayrock Group, an automotive manufacturer and distributor, has signed a 191,481-square-foot, full-building industrial lease at Crossroads Commerce Center in North Brunswick, about 45 miles southwest of Manhattan. The building sits on 17 acres at 1980 U.S. Route 1 and features a clear height of 40 feet, 29 tailboard doors, two drive-in doors and 31 trailer parking spots. Mindy Lissner, Bill Waxman, Christine Eberle, David Gheriani, Jeff Volpi and Morgan Nitti of Cushman & Wakefield represented the landlord, Principal Asset Management, in the lease negotiations. Gheriani also represented the tenant.
SOUTH PLAINFIELD, N.J. — JLL has arranged a $28.5 million construction loan for a 167,281-square-foot industrial project that will be located in South Plainfield, about 40 miles southwest of Manhattan. The 14.8-acre site at 1 Cragwood Road currently houses an office building that is set to be demolished. The new industrial facility will feature a clear height of 36 feet, 26 dock doors and two drive-in doors. Jon Mikula, Michael Klein and Michael Lachs of JLL arranged the loan through CIBC on behalf of the borrower and developer, Bridge Industrial.